MARC has affirmed the rating of A+ID with Stable Outlook to Sweetwater SPV Sdn Bhd’s (“SSPV”) RM195 million Bai Bithaman Ajil Islamic Debt Securities (“BaIDS”). The rating is driven by the operational and financial capability of Syarikat Pengeluar Air Selangor Holdings Berhad (“Splash Holdings”) to upstream dividends to its shareholders, payment of interes...

The rating of MTD Prime Sdn Bhd’s (MTD Prime) RM250 million Al-Bai Bithaman Ajil Islamic Debt Securities (BaIDS) has been affirmed at AAID. The rating reflects the continuous traffic and revenue growth from the KL–Karak Highway (KLK) and the inclusion of the toll revenue from the East Coast Expressway Phase 1 (ECE1) into the coffers of the company. In addition, the half yearly principa...

MARC has affirmed a long term rating of AA-ID to Sistem Penyuraian Trafik KL Barat Sdn Bhd’s (“SPRINT”) RM510 million Al-Bai’ Bithaman Ajil Islamic Facility (“BaIDS”). Concurrently, we affirmed the rating of the Revolving Underwritten Facility of up to RM125 million to MARC-1. SPRINT is the concessionaire of the SPRINT Highway comprising the Damansara Link, the ...

The ratings of ARL Power Sdn Bhd’s (ARLP) RM177.0 million Al-Bai’ Bithaman Ajil Secured Serial Bonds (ABBA) and RM50.0 million Islamic Medium-Term Notes (IMTN) have been reaffirmed at A+ID. The rating reaffirmations are based on the stable and predictable cash flows of the company which has allowed it to service its debt obligations on a timely manner, the presence of a long-term fuel ...

Puncak Niaga (M) Sdn Bhd’s (PNSB) RM1.02 billion Bai Bithaman Ajil Islamic Debt Securities (BaIDS) and RM350 million Murabahah Commercial Papers/ Medium-Term Notes ratings have been reaffirmed at AAID and MARC-1ID/AAID respectively with a Stable Outlook. At the same time, the rating of PNSB’s RM546.875 million Junior Notes A (A Notes) has been upgraded to A+. The ratings are supported ...

MARC has assigned a rating of A+ with Stable Outlook to Puncak Niaga (M) Sdn Bhd’s (“PNSB”) RM435 million Nominal Value Redeemable Unsecured Bonds (“RUBs”). The rating is supported by the continued strength and bright outlook of the water supply services industry especially in the state of Selangor, increased revenue and profitability of PNSB, and improving cash flows...

MARC has upgraded the long term rating of Puncak Niaga Holdings Berhad’s (“PNHB”) RM546.875 million Redeemable Unconvertible Junior Notes (“RUN”) with detachable warrants from A to A+ with a stable outlook. The rating is similar to the rating of Puncak Niaga (M) Sdn Bhd’s Junior Notes A (“A Notes”), which has also been upgraded. The rating is a refle...

MARC has reaffirmed Dialog Group Berhad (“DIALOG”)’s corporate credit rating at AA-, with a positive outlook.  The rating is supported by DIALOG’s commendable balance sheet and healthy cash flow position resulting from the Group’s prudent financial policy as well as its strong competitive position and safety track record in the highly specialized oil, gas and pet...

MARC has reaffirmed Kapar Energy Ventures Sdn Bhd’s (KEV) RM3,402 million Bai Bithaman Ajil Islamic Debt Securities (BaIDS) rating at AA+ID with a stable outlook.  The rating reflects the project’s stable and predictable cash flow supported by the contracted capacity payments as well as the credit strength of the off-taker cum majority shareholder, Tenaga Nasional Bhd (TNB). TNB c...

MARC has assigned short-term and long-term ratings of MARC-1ID/AAID to Syarikat Pengeluar Air Sungai Selangor Sdn Bhd’s (“SPLASH”) RM435 million Islamic Notes Issuance Master Programme of 20 years tenor, comprising 1) RM50 million Islamic (Murabahah) Commercial Papers (“CPs”) issuance programme (“CP Programme”); and, 2) RM385 million Islamic (Murabahah) Me...